GR Engineering Services subsidiary Mipac has entered into an agreement to acquire Paradigm Engineers, a control system and electrical engineering company.
Paradigm’s services include asset management, control systems, functional safety, electrical engineering and project management, and its clients include major miners such as BHP, Rio Tinto, Newmont and Coronado Global Resources.
Under the transaction, Mipac will acquire 100 per cent of Paradigm’s shares for $9 million, with 50 per cent to be payable in cash and the remaining 50 per cent to be payable in scrip through fully paid ordinary shares of GR Engineering.
“Mipac has been a successful transaction for GR Engineering and has achieved solid revenue and EBITDA (earnings before interest, taxes, depreciation, and amortisation) growth since acquisition, while importantly retaining its key personnel and its long-term client relationships,” GR Engineering managing director Tony Patrizi said.
“The acquisition of the Paradigm business fast-tracks Mipac’s growth in Western Australia and increases the scale of the Mipac business. We welcome the highly skilled and well-regarded Paradigm team and look forward to working with them.”
Mipac expects the Paradigm acquisition to enhance its control system and electrical design capabilities while expanding its existing Western Australian footprint.
Paradigm’s current management team will continue acting in their roles once the acquisition is completed.
Paradigm managing director Garry McGrechan said the company is excited to join Mipac and the wider GR Engineering Services company.
“The combination of the two teams presents significant opportunities to grow our operational technology and digital solutions in the mining and mineral processing industries both nationally and internationally,” he said.
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